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Chinese bank rolls over $600m loan to Pakistan: PM Shehbaz

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  • Rollover boosts cash-strapped country’s foreign exchange reserves.
  • Friendly countries’ assistance improving economic indicators, PM says.
  • Exim Bank of China latest institution to roll over Pakistan’s loan.

Prime Minister Shehbaz Sharif said Tuesday that a bank in China rolled over a $600 million loan to Pakistan, boosting the cash-strapped country’s forex reserves.

The premier was addressing the launching ceremony of the Prime Minister’s Youth Sports Initiative in Islamabad, where he announced to allocate more funds for the development of the youth if he comes into power again.

“Yesterday, Exim Bank of China rolled over $600 million to Pakistan, which increased our foreign currency reserves,” PM Shehbaz Sharif said and added that assistance from friendly countries is improving economic indicators.

However, he didn’t elaborate further on when this payment was due.

The country is showing signs of economic stability after the International Monetary Fund (IMF) approved a $3 billion bailout programme and transferred the first tranche of $1.2 billion under a nine-month stand-by arrangement.

Having teetered on the brink of a sovereign debt default, Pakistan earlier this month also received $1 billion from the United Arab Emirates and $2 billion from Saudi Arabia, as both were reassured by the agreement struck between Islamabad and the IMF at the end of June.

Pakistan’s foreign exchange reserves held by the central bank slightly increased by $61 million to stand at $4.524 billion in the week ending July 7, the State Bank of Pakistan said last Thursday.

IMF projections

An IMF statement said the bailout programme would focus on an appropriately tight monetary policy aimed at curbing price pressures in the South Asian country of 220 million people.

The IMF expects inflation to average 25.9% in fiscal year 2024, though it anticipates a substantial moderation to around 16% towards the end of that period.

With the key policy rate at 22%, the government has projected inflation at 21% for fiscal 2024.

“A continued tight, proactive and data-driven monetary policy is warranted going forward,” the IMF statement said.

The ailing Pakistani economy has faced an acute balance of payments crisis with only enough central bank reserves to cover barely a month of controlled imports. The IMF projects it will have an import cover of 1.4 months in fiscal 2024.

The IMF deal, a lifeline for Pakistan after it was on the cusp of default, came after eight months of tough negotiations over fiscal discipline.

“A market-determined exchange rate is also critical to absorbing external shocks, reducing external imbalances, and restoring growth, competitiveness, and buffers,” the IMF said.

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The PPP requests the image of Zulfiqar Ali Bhutto on currency notes.

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The resolution was passed during a seminar named ‘Bhutto Reference and History’, which focused on Zulfiqar Ali Bhutto.

The resolution praised the Supreme Court’s admission that the PPP founder’s trial, which resulted in his execution, was unfair and urged that the federal government confer on him the title of “Quaid-e-Awam” (Leader of the People) and the highest civilian honor, Nishan-e-Pakistan.

Aside from demanding that Bhutto’s image be used on currency notes, the resolution also asked for the construction of a fitting monument in his honor and the designation of his mausoleum as a national shrine.

Furthermore, it demands for the reversal of Bhutto’s unjust death sentence and the creation of a “Zulfiqar Ali Bhutto Award” for democracy activists who have given their lives for the cause.

In March, the National Assembly passed a resolution characterizing Zulfiqar Ali Bhutto’s trial as judicial murder.

The Supreme Court released its reserved opinion on the presidential reference against the ‘controversial’ death sentence imposed on PPP founder, stating that the former prime minister was denied a “fair trial”.

A nine-judge court led by Chief Justice of Pakistan (CJP) Qazi Faez Isa revealed its decision on the long-pending presidential reference to determine if it can reconsider its verdict, which the PPP and jurists perceive as a historic error.

Zulfikar Ali Bhutto was sentenced to death under former military dictator General (retired) Ziaul Haq’s administration.

The first elected prime minister of the country was charged with the murder of a political competitor, Nawab Mohammed Ahmed Qasuri, and a trial was held.

Bhutto was executed on April 4, 1979, despite requests and appeals for leniency and pity from various heads of state.

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The ‘clinics on wheels’ initiative is introduced by CM Maryam.

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Punjab is heading toward progress and prosperity, according to Chief Minister Maryam Nawaz.

Speaking at the ‘clinics on wheels’ project celebration, the chief minister emphasized how this project will improve public health and change the health system.

She emphasized that all of the essential medical facilities were included in the Clinics on Wheels scheme. There would be multiple locations for the 200 mobile clinics. Gynecology services, screenings, immunizations, and medical testing will all be offered at the clinics.

There will be ultrasound equipment available at 50 of the 200 mobile clinic locations. Up to 4 million people will be helped by this endeavor, especially in places without hospital services.

First choice for local physicians to volunteer for this project will be granted to those from 36 districts. Consideration is also being given to the lack of paramedical and nursing personnel.

The project, which was started by Nawaz Sharif and put on hold by the previous administration, is being restarted, according to the chief minister. According to her, her government’s goal is to deliver healthcare right to people’s doors.

Additionally, she revealed that eight districts in Punjab would have the construction of modern cardiology hospitals.

With Provincial Health Minister Khawaja Salman Rafiq, Imran Nazir, and Health Secretary Ali Khan in attendance, CM Maryam officially launched the clinics on wheels project.

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Governor-rule attempt that is intolerable: Gandapur

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Chief Minister Ali Amin Gandapur of KP denounced the incident on May 9 and promised that those in charge will face national scrutiny.

While eight FIRs have been filed against him in eight different districts, Gandapur stressed that none of the accusations have been validated.

Proving he was going nowhere without a fight, Gandapur issued a warning against tampering with democracy.

Any attempt to obstruct progress will be greeted with strong resistance, he warned, so avoid using disruptive tactics.

Gandapur declared, “We will seize the governor’s mansion and I will not keep quiet about the chief minister’s seat if governor law is imposed.”

With the media there to ensure transparency, the Chief Minister boldly challenged his predecessor, Pervez Khattak, to participate in a public discussion in the Kaaba.

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